The Silicon Review
Data has grown to become one of the most valuable commodities in existence. Numerous subject matter experts concur that user data is now as valuable as oil, while some claim that it has exceeded the black gold in value. Every single form of internet usage by, from internet searches, scheduling doctor’s appointments, booking movie tickets, to making travel bookings and restaurant reservations leave behind a type of digital fingerprint. This information is used by corporations to discern meaningful insights into market dynamics and customer purchase patterns, which enable the service providers to customize their offerings through personally targeted advertisements.
However, unbeknownst to the users, most of these data processing activities are done to analyze and predict behaviors of people, with little regard to personal privacy, morals or ethics. In light of this matter, a company named iZAC Coin Global has developed a one-of-a-kind innovative product that could give the people complete control over their own data.
In conversation with Rod Harrison, the CEO of iZAC Coin Global
What was the idea behind the founding of your company?
We are a fintech company based in Australia developing blockchain technologies to integrate modern security and compliance into corporate business systems. We do this using a unique method of encrypting biometric data into transactions via a ‘token’ using our proprietary iZAC Token technology.
The idea for the iZAC Token came about when our friend and fellow director was diagnosed with cancer. He was telling us how many different doctors he had to visit and repeat his story, and all the tests, sometimes repeating tests for those different doctors. He was also spending so many hours waiting in these doctors’ waiting rooms for test results, sometimes they even faxed them!
We thought, wouldn’t it be great if he had access to all his family medical history from his phone. He could then simply give access to the doctors without conducting all these unnecessary tests. Or better yet, they discovered he was susceptible to this type of cancer earlier during a routine medical check-up and avoided getting sick in the first place.
Thus, our idea was born that we will embed DNA and other biometric data into a blockchain security token, which we called the “Mattiuzzo Model”. This approach puts the power back into people’s hands, to control access to their information. The technology gets a little tricky, but in a simple explanation, we use a compression and sequencing method of selective DNA base-pairs to create unique data. This data is then encrypted with other biometrics and added to the end of the blockchain to create an iZAC Token.
What was your company’s first project?
On our iZAC journey, we heard about people who lived in fear of their power bills, too scared to use their heaters in winter and air conditioners in summer. I personally couldn’t imagine my grandma going without heating, cooling or her daily cup of tea. Something had to be done!
So we called around a few businesses and expanded the iZAC ecosystem to include access to electricity suppliers. With this, we developed a system to offer free electricity. We do this by partnering with our super suppliers and the installation of solar systems.
Together with our partner companies, we have created a solar power system via a rewards system which will offset your power bills.
What were the initial challenges that your company faced?
Budgeting is the most challenging issue, I am sure nobody is surprised to hear that. In the early stages nobody wants to hear about your idea. But when you start generating an income then “all of a sudden” people want to buy you out (for half your value) again I am sure nobody is surprised to hear that either.
So what you can learn from this is, you’ll need enough capital to support yourself for two years. Expect everything to cost twice as much as you expected and be twice as difficult to secure the contracts. Back yourself and always try to talk from a position of confidence and expertise. Remember nobody knows your businesses as well as you do.
How do you maneuver a volatile market?
Due to the popularity of social media like Facebook, Instagram, Twitter, Snapchat and LinkedIn, we have been sharing our data and personal information with some pretty large companies. We give these companies free rain over our data without getting anything in return. Even worse, we are becoming obsessed with what people think of us and what we say about others.
It’s created a generation of narcissistic individuals who troll online over your conversations and share their opinions, wanted or not. These trolls are quick to jump onto anything they don’t agree with and abuse anyone who dares to challenge them or their views. Online is fast becoming a toxic environment where no one is held accountable for their actions or the information they purvey.
This is a by-product when people don’t take responsibility for their own data. What you create is and should always remain property of you. You own your words and actions both online and in the real world. This is just wrong and it’s something we need to be talking about and be very worried about.
So we need a reorganization of how users gather, store, analyze, use and monetize data and information. We need a law that identifies the creation rights of data, metadata, music, poetry, online posts, personally identifiable information, your photos, emails, books, and video, etc. All this data must belong to the individual it’s tied to and it should identify that person. It’s your data, you created it and you should be rewarded for your efforts in creating it. Each of us should have to enable and approve a photographer, or a corporation to access and profit from my data, even if that’s a photo of me that they took. So if they use or collect my data without express permission I should have easy, fast remediation to prevent them from using it or you get paid for it.
On the other hand, if your data is yours and everyone knows where it came from it just might be enough to discourage those online trolls from posting hurtful comments. Preventing online streaming of hurtful videos and thus reducing terror is something we all want. So by using an identity management system based on blockchain may just be the solution.
About the driving force behind the growth of iZAC Coin Global, Rod Harrison
With extensive experience as solutions architect Rod has two decades in the strategic outsourcing industry and 20+ years in ICT, Rod has supported multiple clients across many industries including finance, travel, telecommunications, and government agencies. Rod has a proven track record of working with customers to develop a strategy and design ICT solutions to align with their business goals.
“A way needs to be found that identifies you as ‘you’ and cannot be refuted.”